Since COVID-19 hit, every industry has faced significant consequences, which led to losses. But the insurance industry is one of the few sectors that isn’t affected by the state’s economy. No matter the time of year or the economic conditions, the insurance sector continues to thrive. Experts even predict that India’s insurance sector will grow rapidly shortly. It’s no wonder that many people are interested in joining this expanding field.
Becoming an insurance agent, especially at Universal Sompo, can offer substantial growth opportunities and can be a great way to start your career or make a significant career change. The company has a wide range of insurance products that perfectly cater to rural, retail, SMEs, and other corporate agents.
In this post, we’ll discuss the steps, eligibility criteria, responsibilities, benefits, and more for becoming an agent for Universal Sompo General Insurance.
Eligibility Criteria
If you want to become an insurance agent in India for Universal Sompo general insurance, you will need to meet the following criteria;
- Age Requirement: An individual should be at least 18 years old.
- Educational Qualifications: You should have completed 10th and 12th grade with a minimum of 40% marks.
- Documentation: You must have a valid Aadhaar Card and PAN Card.
- Training: The Insurance Regulatory and Development Authority of India (IRDAI) requires you to complete a mandatory 15-hour training course to qualify as an insurance agent.
Duties of a Universal Sompo General Insurance Agent
As a Universal Sompo General Insurance agent, there are many key responsibilities. Let’s discuss them in detail!
Sales and Marketing:
Their primary task is to find new customers and sell them Universal Sompo insurance products. This involves giving sales presentations, explaining policy details, and convincing potential customers to buy insurance.
Product Knowledge:
A general insurance agent thoroughly understands the different insurance products offered by Universal Sompo. This includes knowing about health insurance, motor insurance, home insurance, travel insurance, and more.
Customer Service:
Universal Sompo’s general insurance agent must provide excellent service to policyholders. This means answering their questions, resolving any issues or complaints, and helping with policy-related matters.
Policy Sales and Documentation:
It’s their job to handle all the paperwork and documentation required to sell insurance policies.
Compliance and Regulations:
An agent must stay updated on the latest legal and regulatory requirements in the insurance industry. This ensures you follow industry standards and ethical practices.
Renewals and Policy Upgrades:
It’s important to keep in touch with existing policyholders to encourage them to renew their policies and inform them about additional coverage options or upgrades.
Market Research:
Agents might need to conduct market research to identify potential customers, understand market trends, and gather information about competitors.
Benefits of Choosing a Universal Sompo General Insurance Agent as a Career Path
Let’s take a look at the promising benefits of becoming a Universal Sompo general insurance agent.
Simple Products:
One of the biggest benefits of becoming a Universal Sompo General Insurance agent is that the company offers simple products that are easy for agents to explain to customers. This clarity helps customers understand their coverage options and make informed decisions.
High Earnings Potential:
Another major reason to become a Universal Sompo general insurance agent is that you can earn substantial commissions on each policy you sell. Universal Sompo values its agents’ efforts and provides attractive compensation for their hard work.
Career Advancement:
There is no denying that working with Universal Sompo General Insurance opens doors to significant career growth. Selling a diverse range of insurance products allows you to progress and achieve new levels of success.
Strong Support System:
Universal Sompo General Insurance strongly supports its agents, ensuring they have the necessary resources to succeed. The company’s extensive network across the country provides a reliable backbone for agents.
No Initial Investment:
Another major reason to become a Universal Sompo General Insurance agent is that you can start as a Universal Sompo General Insurance agent without any financial investment. Your primary commitment will be your time and effort in educating clients about the policies.
Extensive Training:
Last but not least, Universal Sompo General Insurance offers comprehensive training programs for its agents. These programs help you develop your skills and knowledge, which even makes you more effective in selling insurance policies.
What is the Process to Become a Universal Sompo General Insurance Agent?
If you are interested in becoming a Universal Sompo General Insurance agent, then listed below is the series of steps that you will need to follow;
- In the first step, you will need to visit the official website of Universal Sompo.
- After that, scroll down to the end. In the footer section, find and click on “Become a Business Partner.”
- The moment you click on it, you will need to enter details like Name, Gender, Title, Father’s Name, State, City, PinCode, Mobile Number, Date of Birth, and other associated information. Ensure you double-check it to avoid any kind of errors.
- Once you are done entering all the information, ensure you click on the “Register” button.
- After that, a Universal Sompo General Insurance company representative will contact you regarding the next steps to becoming an insurance agent.
Frequently Asked Questions
Listed below are the frequently asked questions related to the steps involved in becoming a Universal Sompo General Insurance Agent.
Here is the list of the people who can become PoSP agents:
- Homemakers
- Businessmen
- College Students
- Drop-Out Individuals
- Retired Employees
If you are looking to become a certified general insurance agent of Universal Sompo, you need to submit these documents:
- Class 10th mark sheet
- PAN Card
- Aadhaar Card
- Cancelled Cheque
- A Photograph
Your earnings can vary depending on the insurance company you work for. Typically, an insurance agent in India can earn between Rs. 20,000 and Rs. 1 lakh per year, plus additional incentives.
Insurance agents need a license to ensure they are qualified to sell insurance legally and ethically. Licensing is a crucial part of the insurance industry.
No, an individual cannot act as an agent for more than one life insurer, one general insurer, one health insurer, and one of each of the other mono-line insurers.
